Recosting Your Lease

Budget recalculations cannot be initiated within the first 3 months of your account. This policy is in place to provide stability and consistency at the commencement of your lease cycle. This also enables your employer and payroll manager to have a firm understanding of the correct deductions to be made from your salary. It allows them to adjust your payroll without disruptions, minimising any administrative challenges associated with sudden changes in deductions. This policy also ensures that the costings provided by you at the time of signing up correspond accurately to your actual usage. This validation process safeguards against errors that might arise from immediate budget changes, ensuring a reliable foundation for your novated lease.

If you encounter unexpected expenses that were not accounted for in your original budget (for example a major service), we have a process in place to assist you. We offer a temporary re-costing option that aligns with your pay-roll cycle. This allows you to adjust your budget temporarily to accommodate the unforeseen expenses.

Reimbursement for un-budgeted items will occur in line with your pay-cycle and the additional amount of funds contributed to the novated lease operating costs via your pre-tax salary. The amount to be reimbursed will be divided into equal instalments, ensuring minimal disruption to your regular financial flow.

The temporary re-costing process can be implemented for up to a 3-month period. This gives you the flexibility to manage unexpected expenses over an extended period without straining your finances.

Each reimbursement request submitted will undergo a thorough review. If the additional purchases have the potential to increase the Fringe Benefit Tax (FBT) base value of your vehicle, we will contact you to further discuss the request before proceeding with the reimbursement process.

For either a permanent or temporary re-costing to take effect, it must be approved by your employer or payroll manager. This step ensures that the adjustment aligns with your workplace's financial management guidelines.